Access Bank Plc has announced that it has successfully completed the acquisition of African Banking Corporation (Tanzania) Limited (“BancABC Tanzania”) in accordance with its strategic expansion objectives.
This milestone follows the Bank’s initial announcement in July 2023 and represents yet another step in its quest to become the world’s most respected African bank. In a statement, Access stated: “With the successful acquisition of BancABC Tanzania by the Bank, BancABC operations will now be merged with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania to form a new entity to be known as Access Tanzania.”
The Managing Director/Chief Executive Officer of this Bank, Roosevelt Ogbonna, made the following statement regarding the transaction: “This strategic move represents a notable step towards setting up a railway in Tanzania for intra-African trade within the East African region, Africa, and abroad.
” It demonstrates our dedication to fostering innovation and good change by building a strong banking network throughout East Africa. “We are thrilled to use our combined strengths to provide our customers with exceptional financial solutions and experiences, and we are thrilled about the opportunities this acquisition presents for our operations in Tanzania.”
John Imani, Managing Director of African Banking Corporation (Tanzania) Limited, made the following statement regarding the deal: “The closing of our deal with the Bank not only brings new and exciting opportunities for our customers, employees, and stakeholders, but also underscores Access Bank’s strong confidence in our operations and the Tanzanian market.”
Access bank
The new organisation is prepared to improve our service offerings by utilising the wealth of resources and knowledge that Access Bank has to offer in order to provide our clients with even more value. Joining the Access Bank family and promoting financial inclusion and economic prosperity throughout Tanzania, we look forward to a bright and successful future.
